Hong Kong talent places greater importance on financial health and job security amid pandemic
More than three in five Hongkongers ranked ‘attractive salary & benefits’ as the most important employee value proposition (EVP) they seek in an ideal employer. ‘Work- life balance’ came a close second at 60%, this according to the annual Employer Brand Research in Hong Kong SAR, commissioned by Randstad and independently conducted by Kantar TNS. The Research explores the top EVP factors that influence employees and job seekers in their search for a new career.
Natellie Sun, Managing Director of Search & Selection in Greater China, Randstad, said, “After 2020, it is understandable that employees and job seekers have heightened their expectations and are giving more attention to their income and job security. Based on the Research, it is clear that there is no secret to winning the war for talent. Therefore, organisations hiring, especially in areas such as technology and life sciences where talent is hard to find, are advised to match salary expectations to secure the best candidates.”
Top 5 EVPs
| Attractive salary & benefits | 62% |
| Work-life balance | 60% |
| Financially healthy | 52% |
| Job security | 51% |
| Pleasant work atmosphere | 45% |
Source: employer brand research 2021, report hong kong SAR
Work-life balance remains the most unmet candidate expectation. Yet, even when “work-life balance‟ ranked as the second most important EVP factor to Hongkongers, the average employer in Hong Kong SAR receives a low rating (ranked eighth) on this driver from respondents.
Compared to all other groups, women and higher-educated employees also find “work-life balance‟ more important than “attractive salary & benefits‟. Respondents aged between 18 and 34 years old ranked “work-life balance‟ as the most important EVP factor.
Sun shared, “Many Hongkongers managed to strike a better balance between work and life when they worked from home or remotely last year. Through cloud and SaaS, employees can explore the best ways to work and collaborate. Whether it is at home or a nearby cafe, the environment that they work in plays an important role in their productivity and contributions to the company. Besides including flexible work provisions in HR policies to provide a clear definition of new work arrangements, it is also critical for employers to upskill their workers digitally so that they know how to navigate the next normal.”
Top 3 EVPs by generations
Source: employer brand research 2021, report hong kong SAR
28% of GenZ and Millennials intend to switch employers. Before the COVID-19 pandemic, 21% of respondents switched employers. Between July and December of 2020, only 16% of Hongkongers switched employers. The study revealed that 23% of respondents have plans to switch employers in 2021. Just over a quarter of GenZ and Millennials intend to switch employers this year.
Sun explained, “Even as more people look for new jobs, many employers struggle to find the right candidate, especially in highly competitive and technical areas like technology, financial services and property. While job seekers may fulfil the basic skills and experience requirements, they may not have the X-factor that many organisations are looking for, which is the candidate’s growth potential. Many employers are looking for someone who has demonstrated initiative and proactiveness as well as individuals who possess creativity and curiosity to explore new ways and opportunities in the next normal.”
Paul Arkwright
Publisher
